It's OHM price multiplied by OHM index and is available on other chains, as well as Arbitrum (ETH L2). Significantly cheaper to transact. In terms of value of the investment, it's the same number. Now that you are staked, you not only have to pay gas to unstake, but then to sell OHM into stables or ETH. Just becomes a waste of money and a significant transaction cost percentage wise.
Thanks for explaining. totally fine if my 5 tokens will turn into 250 and price is few hundred or more.
I'm awaiting for the Ohm fork on the Fantom network called LIF3 I'll be early to the project so (hopefully) will be early to exit Got this email from Blockworks on Ohm The Buyer of Only Resort In 1992, when Stan Druckenmiller went to George Soros with his idea to short the British pound, he already had 100% of their fund committed to the trade. Soros’ response was, “What is wrong with you?” For a one-way bet like that, he thought 100% was too conservative — he told Druckenmiller to double it. Soros was willing to go all-in because he recognized that the Bank of England was the only buyer of Sterling at the rate then fixed by the Exchange Rate Mechanism. Further, they only had $44 billion of reserves to buy it with, and Soros could borrow effectively unlimited amounts to short it. He knew how much the Bank of England could buy and he knew he could sell more. It was an easy trade for him. RIP OHM? I was reminded of that legendary episode while watching the sell-off in OHM over the weekend. The idea behind OlympusDAO was to break DeFi’s reliance on mercenary liquidity providers by owning its own liquidity and enabling other protocols to do the same. The problem with owning your own liquidity is that … you own your own liquidity. OlympusDAO quickly became the only market maker in its OHM token. Which means that, like the Bank of England, OlympusDAO has been the sole buyer of its own token all the way down. In the same way that Soros drained the Bank of England’s reserves by making them buy the pounds he was shorting, the market has drained the OlympusDAO treasury by selling it OHM. Market value of OlympusDAO’s treasury: The largest portion of the treasury is held in the USD stablecoin DAI (in orange above). This amount has been falling as OlympusDAO spends it on OHM as the sole market maker in the liquidity pools. It’s not the only factor in OHM’s demise, but I suspect it may be the primary one. The value of OlympusDAO’s treasury fell $500 million from the highs while OHM’s market cap fell by $2 billion — which looks suspiciously like the 4x multiple that OHM typically traded at. However big a factor, it was perhaps the weak link in the plan that made OHM’s tokenomics a little too much like Ponzinomics. OlympusDAO and its forks are not Ponzis — but they were highly reliant on creating new buyers, which they did mostly by developing a cult-like following. It turned into a race between how many OHM they could sell to the cult vs. how many OHM they had to buy from the market. They seem to have lost the race. SPAC to the Future? It did not have to end this way. For a long while, OHM was effectively selling $1 bills for $4, or more. When I bought OHM at $1,000 while the treasury was worth $250, OlympusDAO was selling me $1 of assets at a 4x markup. That’s nice work if you can get it — as per the founder of Trader Joe’s, cults can be a good business. And it’s not unprecedented, either. It looks to me a lot like an exchange-listed REIT. REITs typically trade at a premium to NAV, of, say, 1.2x. Their business model is to sell shares to investors at 1.2x NAV and buy assets at 1x NAV. Each sale of shares above NAV creates value for existing shareholders of the REIT. OHM was doing the same. Each sale of OHM above the value of the treasury created value for the previous owners. If you paid 4x treasury for your OHM (like I did), you gifted some value to previous owners — and then you just had to hope that enough people would come in to buy afterwards and gift value to you. The REIT analogy breaks down, however, when it comes to the treasury. REITs raise money at above NAV and then invest it in productive assets. OHM was mostly investing it in providing liquidity for its own token. This is perhaps why the founder of Wonderland TIME, the largest OHM fork, announced this morning that the protocol had shifted to become a SPAC. Instead of using its treasury to buy back TIME — and hence have the value of its treasury fall along with the token price — it would grow the treasury by investing it in productive assets. I think there is merit to that idea. But calling it a SPAC is, well, not correct. The defining feature of a SPAC is that investors have the option to redeem their holding for the per share value of the trust. SPACs typically sell shares to investors at $10 and then put that money into a trust while they look for a business to buy. When they do find a deal, if you don’t like it, you have the option of returning your shares for $10, which is typically a little more than what you paid for them — if you buy at $10 or less, there’s no downside to owning a SPAC. TIME and OHM holders would surely like the option of returning their tokens for what they paid for them. But that is not an option — nor will it be for new buyers of TIME, because it’s not a SPAC. Like the Bank of England, I suspect OHM and its forks will have to concede defeat: converting to a pseudo-SPAC model is unlikely to save the day. But these were always experimental efforts and each iteration brings us closer to the goal of providing crypto-native liquidity to the burgeoning asset class of digital assets. If, like me, you lost some money in OHM, consider it a contribution to the greater good. And if you didn’t, be sure to thank someone who did.
If you do not get into IDO/Whitelist, do not even bother. The OHM fork game is played out, there are not enough suckers left anymore. Tomb forks (really Basis Cash forks) were the latest flavor of the month and those are pretty much done now. OHM has more tricks left up its sleeve, plus there are some unique yield opportunities left with it. None of the copycats come close, even not Sesta's TIME. But its original (3,3) model is pretty much done. At the end of the day, it is still just a ponzi, and it is very hard to get people to re-enter ponzis once the ride has come to an end.
I was planning to put some more capital in addition to the airdrop of LIF3 but at this point not too happy with Tomb and whale manipulation tactics Have migrated a huge chunk of Tomb cryptos to the fork 2omb getting thousands of % APR able to outpace this btc/ftm carnage but still my biggest portfolio allocation is btc, so... it is what it is
Im out of all Tomb forks and only do the FTM/Tomb autocompounder, cause it's my leveraged FTM position. If peg breaks below a certain level, Im getting out of it completely. I approached it as a leveraged way to yield on my FTM, and it has served that purpose well. Harry Yeh can only support that protocol for so long with TBOND buying & gimmicks. At the end of the day, unless TOMB gets a real usecase, primarily as a widely accepted asset you can borrow against, the ponzi is just a ponzi that is destined to bleed out. I've seen & played this whole phase with OHM forks and now the same is repeating with Tomb Forks. What few know is that both of these ponzinomics concepts come from the same small group of devs & whales deep in DeFi space. Olympus was the one to make a real breakthrough, now let's see if it can evolve and sustain as DeFi's reserve currency. The rest are destined to fail & bleed out.
You should at least check out 2omb, it's legit much better than Tomb, so not even sure it's a Tomb fork but I'll call it an upgrade native staking/manual compounding for me, not gonna introduce another level of risk by going out to an outside site. lockup on single staking 2share is only 2 epochs vs 6 on Tomb Video of the all hands meeting today is already posted on discord Is it a shill? you can handle yourself, i know you'll dyor
LOL, was already in it, got in, got out. Even chatted with the dev on Discord via DM. He is a teenager, public HS student, self taught in coding. Cool guy and is one of the few devs who straight up said that these are just ponzis at the core and they are just a matter of timing the entry price vs APY at the time. He also actually knows that Basis Cash is the original code, not Tomb.
Awesome! Yea, his 16th birthday was yesterday, I think I only got in recently I have a "friend" making over $5,000/day Ok, well you can do the math on your head, about 7% daily apr on LP or Boardroom but these are FTM peg, so in order to overcome the recent carnage on cryptos btc/ftm, FTM has to not go down more than 7% a day With compounding every 6 hours on BR time with the LP rewards, you can get much higher APY So, why'd you get out and still staying at FTM/Tomb LP? Surely you're not getting anywhere close to 2omb APR's It's cool, though, always good to sell early Best position risk/reward is to go to cash, but we're crypto degenz and believe in this space, don't we?? and you do know they are coming out with 3omb on the 22nd to expand the pozinomics, introduce Ohm-like protocol to the Tomb/Basis Cash design ecosystem
I just think the rides in these forks are over. At the end of the day, more money needs to flow in than be flowing out. Everything else is just noise. And it's very hard to get a sustained surplus of money flow into these projects. Gets harder with every passing hour as the reality of these being just ponzis hits the subconscious mind of the participants. Most will lose money, a small minority will make good gains if they time it real well. It's overall a losing game. None of these can replicate the success of Tomb, just like none of the OHM forks could replicate the success of OHM. And those two are struggling right now, so it's obvious that capital flows within crypto are going elsewhere. There is no new major capital inflow into crypto in general at the moment, so everything is very fickle. That's the market. I played a bunch of these forks with casino chips and moved on. I didn't even make much, it was more of an exercise in case these ponzis make a comeback on new L1s.